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Investors withdraw coins from bitcoin pools

by SuperiorInvest

Bitcoin Funds Hemorrhage Coins Even As US Bank Collapses Support Expectations Of Soon Federal Reserve Pivot in favor of freeing up liquidity. Usually, if the Fed doesn’t raise rates aggressively like it did, they profit from risky assets like Bitcoin, but the opposite is happening with Bitcoin funds. Data tracked by ByteTree Asset Management shows the number of coins held by closed-end, spot and futures exchange-traded funds in Europe, the US and Canada fell by 16,560 BTC ($409 million) this month to hit a 17-month low of 826,113 BTC. ETFs and other investment vehicles that allow exposure to Bitcoin without actually owning the cryptocurrency are widely considered proxies for institutional activity.

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